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        <name>COMM Mortgage Trust</name>
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        <name>The Bank of New York Mellon</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Trinidad Mortgage Securities PLC</name>
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        <name>Goldman Sachs International</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Merrill Lynch Capital Services, Inc.</name>
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        <name>Credit Suisse European Mortgage Capital Ltd</name>
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        <title>Magnolia Finance XI DAC</title>
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        <name>Chicago Mercantile Exchange</name>
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        <name>Citibank, National Association</name>
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        <name>Morgan Stanley Capital Services LLC</name>
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      <invstOrSec>
        <name>The Bank of New York Mellon</name>
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      <invstOrSec>
        <name>UBS Commercial Mortgage Trust</name>
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        <name>Natixis Commercial Mortgage Securities Trust</name>
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        <name>Merrill Lynch Capital Services, Inc.</name>
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        <name>ML-CFC Commercial Mortgage Trust</name>
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        <name>The Bank of New York Mellon</name>
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        <name>Invitation Homes Operating Partnership LP</name>
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        <name>FHLMC Multifamily Structured P</name>
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        <title>Freddie Mac Structured Agency Credit Risk Debt Notes</title>
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        <name>FHLMC Multifamily Structured Pass Through Certificates</name>
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        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
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        <name>GS Mortgage Securities Trust</name>
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        <name>New Orleans Hotel Trust</name>
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        <name>Wells Fargo Commercial Mortgage Trust</name>
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        <name>The Bank of New York Mellon</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
        <title>JPMCC 2018 ASH8 E JPMCC 2018 ASH8 E</title>
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        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <transCat>Reverse repurchase</transCat>
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      </invstOrSec>
      <invstOrSec>
        <name>CSAIL Commercial Mortgage Trust</name>
        <lei>54930025J96YEH8FQE77</lei>
        <title>CSAIL 2015-C4 Commercial Mortgage Trust</title>
        <cusip>12635RAN8</cusip>
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          <isin value="US12635RAN89"/>
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        <balance>5786000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3654756.70000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      </invstOrSec>
      <invstOrSec>
        <name>JPMBB Commercial Mortgage Secu</name>
        <lei>N/A</lei>
        <title>JPMBB Commercial Mortgage Securities Trust 2015-C33</title>
        <cusip>46645JAW2</cusip>
        <identifiers>
          <isin value="US46645JAW27"/>
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        <balance>4285000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3769625.61000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.77000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Switch, Ltd.</name>
        <lei>N/A</lei>
        <title>Switch, Ltd. 2017 Term Loan B</title>
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          <isin value="US87104NAG60"/>
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        <balance>173556.12000000</balance>
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        <curCd>USD</curCd>
        <valUSD>173845.09000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-06-27</maturityDt>
          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>FREMF Mortgage Trust</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FREMF 2019-KC03 Mortgage Trust</title>
        <cusip>30297UAA0</cusip>
        <identifiers>
          <isin value="US30297UAA07"/>
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        <balance>1960000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2045266.47000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.51000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
        <lei>549300DGCY6DLBNEP961</lei>
        <title>Morgan Stanley Capital I Trust 2006-HQ9</title>
        <cusip>61750CAN7</cusip>
        <identifiers>
          <isin value="US61750CAN74"/>
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        <balance>3524371.03000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3107395.86000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-07-12</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.92000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Citigroup Global Markets Inc.</name>
        <lei>MBNUM2BPBDO7JBLYG310</lei>
        <title>REPO FHMS KLU1 X3 REPO FHMS KLU1 X3</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Internal Identifier" value="965FLTII6"/>
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        <balance>-1213000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-1213000.00000000</valUSD>
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        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="MBNUM2BPBDO7JBLYG310" name="Citigroup Global Markets Inc."/>
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          <isTriParty>N</isTriParty>
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            <repurchaseCollateral>
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              <invstCat>ACMO</invstCat>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>The Bank of New York Mellon</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
        <title>WFCM 2016 LC25 D</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Internal Identifier" value="938AJN005"/>
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        <balance>-3614000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-3614000.00000000</valUSD>
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        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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              <invstCat>ABS</invstCat>
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        <securityLending>
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      <invstOrSec>
        <name>Morgan Stanley Capital Services LLC</name>
        <lei>I7331LVCZKQKX5T7XV54</lei>
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        <valUSD>25179.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Preston Ridge Partners Mortgage Trust</name>
        <lei>N/A</lei>
        <title>PRPM 2018-1 LLC</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Credit Suisse International</name>
        <lei>E58DKGMJYYYJLN8C3868</lei>
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          <other otherDesc="Internal Identifier" value="137BERAH0CSFB180914"/>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <swapDeriv derivCat="SWP">
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              <counterpartyName>Credit Suisse International</counterpartyName>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
        <name>Citibank, National Association (New York, NY, US, Branch)</name>
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                <issuerName>Diamond Resorts International</issuerName>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
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        <title>CSAIL 2017 CX10 UESD CSAIL 2017 CX10 UESD</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bear Stearns Commercial Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>Bear Stearns Commercial Mortgage Securities Trust 2006-PWR12</title>
        <cusip>07387JAN6</cusip>
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        <balance>549574.65000000</balance>
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        <curCd>USD</curCd>
        <valUSD>301176.80000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Goldman Sachs International</name>
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        <name>Freddie Mac - SCRT</name>
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        <name>FHLMC Multifamily Structured P</name>
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        <name>Citigroup Global Markets Inc.</name>
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        <name>GS Mortgage Securities Trust</name>
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        <name>Freddie Mac Multifamily ML Certificates</name>
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        <name>Citibank, National Association</name>
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        <name>JPMBB Commercial Mortgage Secu</name>
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        <name>FHLMC Multifamily Structured Pass Through Certificates</name>
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      <invstOrSec>
        <name>CD Commercial Mortgage Trust</name>
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          <isin value="US14986DAJ90"/>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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        <name>The Bank of New York Mellon</name>
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        <name>CSAIL Commercial Mortgage Trust</name>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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        <name>FHLMC Multifamily Structured Pass Through Certificates</name>
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        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
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        <name>GS Mortgage Securities Trust</name>
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        <name>Citibank, National Association</name>
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      <invstOrSec>
        <name>JPMBB Commercial Mortgage Securities Trust</name>
        <lei>N/A</lei>
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              <counterpartyName>Goldman Sachs International</counterpartyName>
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        <securityLending>
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      <invstOrSec>
        <name>FHLMC Multifamily Structured Pass Through Certificates</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
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        <fairValLevel>2</fairValLevel>
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        <name>The Bank of New York Mellon</name>
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      <invstOrSec>
        <name>Intown Hotel Portfolio Trust</name>
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      <invstOrSec>
        <name>JP Morgan Chase Commercial Mortgage Securities Trust</name>
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        <title>JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP2</title>
        <cusip>46590MAC4</cusip>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Royal Bank of Canada (London, GB, Branch)</name>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <transCat>Reverse repurchase</transCat>
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      <invstOrSec>
        <name>FREMF Mortgage Trust</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FREMF 2018-K156 Mortgage Trust</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SHELTER GROWTH CRE</name>
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        <cusip>822867AG2</cusip>
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          <isin value="US822867AG27"/>
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        <balance>1692000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Goldman Sachs International</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
        <title>CMBX--137BERAH0-20571017</title>
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        <balance>185000.00000000</balance>
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        <descOthUnits>Notional Amount</descOthUnits>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Goldman Sachs International</counterpartyName>
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      <invstOrSec>
        <name>Colony American Finance Ltd</name>
        <lei>N/A</lei>
        <title>CoreVest American Finance 2018-1 Trust</title>
        <cusip>21872BAL0</cusip>
        <identifiers>
          <isin value="US21872BAL09"/>
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        <balance>1409000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1518659.99000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
        <cusip>3137FL6X7</cusip>
        <identifiers>
          <isin value="US3137FL6X79"/>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Citigroup Global Markets Inc.</name>
        <lei>MBNUM2BPBDO7JBLYG310</lei>
        <title>FHMS K063 X3 FHMS K063 X3</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Reverse repurchase</transCat>
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      <invstOrSec>
        <name>The Bank of New York Mellon</name>
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        <title>GSMS 2015 GC30 D</title>
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        <assetCat>RA</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Reverse repurchase</transCat>
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      <invstOrSec>
        <name>Bulldog Purchaser Inc.</name>
        <lei>N/A</lei>
        <title>Bulldog Purchaser Inc. 2018 Term Loan</title>
        <cusip>12021UAC7</cusip>
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          <isin value="US12021UAC71"/>
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        <balance>13969289.27000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13783078.64000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.79000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Credit Suisse Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Credit Suisse Commercial Mortgage Trust Series 2007-C3</title>
        <cusip>22544QAH2</cusip>
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          <isin value="US22544QAH20"/>
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        <balance>37297.44000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20905.14000000</valUSD>
        <pctVal>0.002525499499</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.85000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
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        <name>COMM Mortgage Trust</name>
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        <name>Goldman Sachs International</name>
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        <name>Citibank, National Association</name>
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        <name>Goldman Sachs International</name>
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        <name>FHLMC Multifamily Structured Pass Through Certificates</name>
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        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
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        <name>SG Americas Securities, LLC</name>
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        <name>The Bank of New York Mellon</name>
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        <name>Ashford Hospitality Trust Inc</name>
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        <name>COMM Mortgage Trust</name>
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        <name>VELOCITY COMMERCIAL CAPITAL LO</name>
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        <name>Citibank, National Association</name>
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        <name>COLONY AMERICAN FINANCE LTD</name>
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        <name>Nomura CRE CDO LTD</name>
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        <name>COMM Mortgage Trust</name>
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        <name>Credit Suisse International</name>
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        <name>Credit Suisse International</name>
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        <name>GS Mortgage Securities Trust</name>
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        <name>Merrill Lynch Mortgage Trust</name>
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        <name>Citigroup Global Markets Inc.</name>
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      <invstOrSec>
        <name>FREMF Mortgage Trust</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC Multifamily Structured Pass Through Certificates</name>
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        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JP Morgan Chase Commercial Mortgage Securities Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SG Americas Securities, LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Credit Suisse Mortgage Trust</name>
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          <isin value="US22545LAH24"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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              <counterpartyInfo lei="9R7GPTSO7KV3UQJZQ078" name="Morgan Stanley &amp; Co. LLC"/>
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            <repurchaseCollateral>
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        <name>Royal Bank of Canada (London, GB, Branch)</name>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <transCat>Reverse repurchase</transCat>
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      <invstOrSec>
        <name>Preston Ridge Partners Mortgage Trust</name>
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        <title>PRPM 2019-2 LLC</title>
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      <invstOrSec>
        <name>FREMF Mortgage Trust</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FREMF 2018-K154 Mortgage Trust</title>
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        <fairValLevel>2</fairValLevel>
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        <name>The Bank of New York Mellon</name>
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        <name>J.P. Morgan Securities LLC</name>
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        <name>FHLMC Multifamily Structured Pass Through Certificates</name>
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        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
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        <name>JP Morgan Chase Commercial Mortgage Securities Trust</name>
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        <name>The Bank of New York Mellon</name>
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        <name>J.P. Morgan Securities LLC</name>
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        <name>The Bank of New York Mellon</name>
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        <name>The Bank of New York Mellon</name>
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        <name>Diamond Resorts International Inc</name>
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        <name>The Bank of New York Mellon</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>JPMDB Commercial Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>JPMDB Commercial Mortgage Securities Trust 2016-C4</title>
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          <isin value="US46646RAB96"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Starwood Mortgage Residential Trust</name>
        <lei>N/A</lei>
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          <isin value="US85572KAE47"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citibank, National Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Banc of America Merrill Lynch</name>
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          <isin value="US05525TAL52"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>COMM Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>The Bank of New York Mellon</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Citibank, National Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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                <issuerName>Parkdean TL</issuerName>
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      <invstOrSec>
        <name>The Bank of New York Mellon</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
        <title>COMM 2016 COR1 D</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>The Bank of New York Mellon</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
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        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Reverse repurchase</transCat>
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      <invstOrSec>
        <name>Royal Bank of Canada (London, GB, Branch)</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>EURO 31 E EURO 31 E</title>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>The Bank of New York Mellon</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
        <title>JPMBB 2015 C32 D</title>
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      <invstOrSec>
        <name>Goldman Sachs International</name>
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        <securityLending>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgag</name>
        <lei>N/A</lei>
        <title>Wells Fargo Commercial Mortgage Trust 2019-JWDR</title>
        <cusip>95002NAL1</cusip>
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        <name>FHLMC Multifamily Structured Pass Through Certificates</name>
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        <name>Citibank, National Association</name>
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        <name>Goldman Sachs International</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>COMM Mortgage Trust</name>
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        <name>Morgan Stanley Capital Services LLC</name>
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        <name>Goldman Sachs International</name>
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        <name>Citibank, National Association</name>
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        <lei>N/A</lei>
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        <name>Goldman Sachs International</name>
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        <name>Wells Fargo Commercial Mortgage Trust</name>
        <lei>N/A</lei>
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        <name>J.P. Morgan Securities LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Citibank, National Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CITIGROUP GLOBAL MARKETS INC.</name>
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        <title>CMBX--137BERAH0-20571017</title>
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        <valUSD>12797.20000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>Colony American Finance Ltd</name>
        <lei>N/A</lei>
        <title>Corevest American Finance 2019-1 Trust</title>
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      <invstOrSec>
        <name>Citigroup Global Markets Inc.</name>
        <lei>MBNUM2BPBDO7JBLYG310</lei>
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        <name>J.P. Morgan Securities LLC</name>
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        <name>J.P. Morgan Securities LLC</name>
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        <name>Homeward Opportunities Fund I Trust</name>
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        <name>COLONY AMERICAN FINANCE LTD</name>
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        <name>J.P. Morgan Securities LLC</name>
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        <pctVal>0.083089001677</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citibank, National Association</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>Parkdean TL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="LX159835190130B92449BRYE"/>
        </identifiers>
        <balance>121487.73000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <currencyConditional curCd="GBP" exchangeRt="0.81149100"/>
        <valUSD>5161.60000000</valUSD>
        <pctVal>0.000623560436</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Citibank, National Association</counterpartyName>
              <counterpartyLei>E57ODZWZ7FF32TWEFA76</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Parkdean TL</issuerName>
                <issueTitle>Parkdean TL</issueTitle>
                <identifiers>
                  <other otherDesc="LoanX ID" value="LX159835"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">equity-performance leg</otherRecDesc>
            <floatingPmntDesc curCd="GBP" fixedOrFloating="Floating" floatingRtIndex="London Interbank Offer Rate 3 Month" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="3" resetDt="Month" resetDtUnit="3"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2019-03-13</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>GBP</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>GBP</rcptCurCd>
            <notionalAmt>121487.73000000</notionalAmt>
            <curCd>GBP</curCd>
            <unrealizedAppr>5677.16000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VELOCITY COMMERCIAL CAPITAL LO</name>
        <lei>N/A</lei>
        <title>Velocity Commercial Capital Loan Trust 2019-2</title>
        <cusip>92257NAU0</cusip>
        <identifiers>
          <isin value="US92257NAU00"/>
        </identifiers>
        <balance>432527.54000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>440338.88000000</valUSD>
        <pctVal>0.053196277143</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.30000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>J.P. Morgan Chase Commercial Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-ASH8</title>
        <cusip>46649JAQ1</cusip>
        <identifiers>
          <isin value="US46649JAQ13"/>
        </identifiers>
        <balance>5267000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5297449.48000000</valUSD>
        <pctVal>0.639972083984</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-02-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.03000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LHFC Depositor, LLC</name>
        <lei>549300VCHJCK9EK5QK41</lei>
        <title>LHOME Mortgage Trust 2019-RTL1</title>
        <cusip>501890AB3</cusip>
        <identifiers>
          <isin value="US501890AB31"/>
        </identifiers>
        <balance>2353000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2382098.14000000</valUSD>
        <pctVal>0.287775526065</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2019-10-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Blackstone Real Estate Income Master Fund</ncom:nameOfApplicant>
      <ncom:signature>Anthony Marone</ncom:signature>
      <ncom:signerName>Anthony Marone</ncom:signerName>
      <ncom:title>CFO and Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
